nationwide down 1.9%

poppy10_2

poppy10 wrote: »

Average house price July 2008: £169,316
Average house price Aug 2008: £164,654

Fall= £4,662 in one month alone.

Oh, and 4,662/169,316=2.75% fall, not 1.9%. But then , the Nationwide use their secret sauce seasonal adjustment to massage the headline percentage.

TDS_2

poppy10 wrote: »

Oh, and 4,662/169,316=2.75% fall, not 1.9%. But then , the Nationwide use their secret sauce seasonal adjustment to massage the headline percentage.

lol. Apparently the Halifax believe that bank base rate will be reducing soon...

mewbie_2

TDS wrote: »

lol. Apparently the Halifax believe that bank base rate will be reducing soon...

Once sentiment kicks in, when people start to believe house prices are going down (it takes a while), I suspect the rate could be zero and it will make no difference.

"Here mate, please take some free money to buy something that's dropping in price"
"Er. no thanks"

MissMoneypenny

TDS wrote: »

lol. Apparently the Halifax believe that bank base rate will be reducing soon...

I think it might too. That won't revive the falling housing market though.

mustrum_ridcully

mewbie wrote: »

Once sentiment kicks in, when people start to believe house prices are going down (it takes a while), I suspect the rate could be zero and it will make no difference.

"Here mate, please take some free money to buy something that's dropping in price"
"Er. no thanks"

Indeed just look back to the early 1990's, people would be told they were mad if they wanted to buy house (even in 93-94 when interest rates had fallen from 15% to around 6-7%).

napoleon

Timber!!!!

obsessed_saver

Fionnuala_Earley wrote:

Data from estate agents suggested "there may be some glimmers of interest returning to the market" as some buyers were taking the opportunity to secure large discounts, said Nationwide's chief economist Fionnuala Earley.

I interpret this to mean "sellers, if you want to make a sale, turn around and bend over because house prices are falling, and buyers will only buy at large discounts".

Of course, sellers will only sell as a last resort, or they'll just sit on it until the market goes up again.

ginvzt

poppy10 wrote: »

Oh, and 4,662/169,316=2.75% fall, not 1.9%. But then , the Nationwide use their secret sauce seasonal adjustment to massage the headline percentage.

Who thinks that Nationwide will be revising their August figure next month to something more than 2% drop? They seem to be revising their figures every month - July figure was -1.7%, and now it is revised to -1.5%.

John_Pierpoint

Originally Posted by lostinrates
I won, I guessed it, I guessed it!

MrSafeGaz wrote: »

Well you did employ an advanced statistical method namely 'All the other values were taken so I will have to take this one'.

So I am not surprised you came out on top!!

It was last summer that Martin put up a poll for guesses on house prices in 2008.
If I remember correctly the big majority voted for an increase, so he relegated us to the ghetto.:rolleyes:
I punted on a modest decrease something like 2% - 5% .
So who is going to win the big prize next January and be able to prove it ?
The winner can buy me a drink
Mine will be a celebratory double.
:beer:
So I will be able to celebrate not having lost as much spending power as the average punter in the last 18 months.

dopester

TDS wrote: »

Fionnuala Earley does it again. She really is an amazing woman to remain so upbeat.

Yes; she is real amazing. :rolleyes: